RSA 415-B:4 · Revocation or Suspension of License; Appeal

415-B:4 Revocation or Suspension of License; Appeal. –

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I.

The commissioner may revoke or suspend the license of any premium finance company when, after investigation, the commissioner finds that:

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(a)

The license issued to such company was obtained by fraud;

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(b)

There was any misrepresentation in the application for the license;

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(c)

The holder of such license has shown himself untrustworthy or incompetent to act as a premium finance company; or

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(d)

Such company has violated any of the provisions of this chapter.

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II.

In lieu of revoking or suspending the license for any of the causes stated in paragraph I, after hearing as provided in paragraph III, the commissioner may subject such company to a penalty of not more than $1,500 for each offense when, in his judgment, he finds that the public interest would not be harmed by the continued operation of such company. The amount of any such penalty shall be paid by the company to the commissioner.

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III.

Before the commissioner shall penalize, revoke, suspend, or refuse to renew the license of any premium finance company, the aggrieved person shall be entitled to a hearing in accordance with RSA 541.

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IV.

If the commissioner refuses to issue a license as a premium finance company to any person, or if he revokes, suspends or refuses to renew the license of any premium finance company, or imposes a penalty on such company, after a hearing as provided under paragraph III, the applicant or licensee may appeal from such refusal to issue a license or from such adjudication in accordance with RSA 541. Source. 1981, 118:1, eff. July 3, 1981.

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